PPP Loan Updates

The Small Business Administration shared that Paycheck Protection Program funding has been exhausted and that the PPP application portal has stopped accepting applications for loans from most lenders.‌

SBA said that it has reserved approximately $6 billion in funding for previously submitted loan applications subject to hold codes that have yet to be resolved. There is also approximately $8 billion remaining in congressionally mandated funding for PPP loans made by designated “community financial institutions,” defined as minority depository institutions and community development financial institutions.‌

PLEASE NOTE:  This does not affect PPP Forgiveness.  If you received a PPP Loan in 2021 from MidWestOne Bank, we will soon be sending an invite to start the Forgiveness Process.